MIRA INFORM REPORT

Report Date :

04.05.2014

IDENTIFICATION DETAILS

Name :	JAIMARUTI GAS CYLINDERS LIMITED (w.e.f.14.07.1993)
Formerly Known As :	JAIMARUTI GAS CYLINDERS PRIVATE LIMITED
Registered Office :	Plot No. 131-133, Block-E, Jai Maruti Bhawan, Harishankar Puram, Gwalior-474002, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.10.1988
Com. Reg. No.:	10-004835
Capital Investment / Paid-up Capital :	Rs. 7.090 Millions
CIN No.: [Company Identification No.]	U28121MP1988PLC004835
PAN No.: [Permanent Account No.]	AAACJ7589G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial Gas Cylinders.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 402000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be decent. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Brajesh
Designation :	Accounts Executive
Contact No.:	91-751-2376920
Date :	11.04.2014

LOCATIONS

Registered Office :	Plot No.131-133, Block E, Jai Maruti Bhawan, Harishankar Puram, Gwalior - 474002, Madhya Pradesh, India
Tel. No.:	91-751-2424575/ 2376920
Mobile No.:	91-9425116577 (Mr. Ashok Kumar)
Fax No.:	91-751-2324920
E-Mail :	nigamjmgcl@rediffmail.com jmgcl@sancharnet.in
Website :	www.jmgcl.com www.jaimarutigascylindersltd.com
Area :	7000 Sq. ft.
Location :	Owned
Factory :	Plot No. 122-123, Malanpur Industrial Area, Malanpur, District Bhind, State Madhya Pradesh, India
Tel. No.:	91-7539-283166
Area :	2 acre
Location :	Leased

DIRECTORS

As on 30.09.2013

Name :

Mr. Ashok Kumar Nigam

Designation :

Managing director

Address :

Block E Plot No. 131-133, Harishankar Puram, Gwalior - 474002, Madhya Pradesh, India

Date of Birth/Age :

03.07.1950

Qualification :

MSC

Date of Appointment :

04.06.1999

DIN No.:

00023982

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85120MP1999PTC013565	JAI MARUTI MEDIPHARMA PRIVATE LIMITED	Director	04/06/1999	04/06/1999	-	Active	NO
2	U28121MP1988PLC004835	JAIMARUTI GAS CYLINDERS LTD	Managing director	04/06/1999	04/06/1999	-	Active	NO

Name :

Mr. Manu Kumar Nigam

Designation :

Director

Address :

Block E Plot No. 131-133, Harishankar Puram, Gwalior - 474002, Madhya Pradesh, India

Date of Birth/Age :

15.04.1984

Qualification :

BE

Date of Appointment :

01.04.2003

DIN No.:

01628337

Name :

Mr. Mekkeveedu Damodaran Vijayakumar

Designation :

Director

Address :

Old No. 04/2090 ,M.M.D.A Colony, 4^th Block, Villivakkam, Chennai - 602102, Tamilnadu, India

Qualification :

BE, MBA

Date of Appointment :

07.08.1995

DIN No.:

02586164

Name :	Mr. Raveendran Muthukrishna Pillai
Designation :	Director
Address :	308, Ganesh Regency Hindu Nagar, Near 2^nd Gate, Congress Road, Tilak Wadi, Belgium – 590011, Karnataka, India
Date of Birth/Age :	13.05.1951
Date of Appointment :	01.10.2013
DIN No.:	06718081

KEY EXECUTIVES

Name :	Mr. Brajesh
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Ashok Kumar Nigam	18815
Manu Nigam and Sons HUF	6879
Anil Kumar Nigam	1763
Gopal Nigam	5922
Sita Srivastava	450
A.K. Nigam and Sons (HUF)	7556
Gopalji Nigam (HUF)	4041
Lovelesh Nigam	10910
Manu Kumar	9783
Vijay Goel	3668
Mahesh Chand Jain	731
Sanjay Kumar Goyal	385
Total	70903

Equity Share Break up (Percentage of Total Equity)

As On 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Industrial Gas Cylinders.

Products :

ITC Code	Product Descriptions
7311	Industrial Gas Cylinders

Ø Chlorine Cylinders

Ø Anhyd. Ammonia Cylinders

Ø Refrigerant Cylinders

Ø Sulphur Chloride Cylinders

Ø Ethylene Oxide Cylinders

Ø Dissolved Acetylene Cylinders

Ø Welded & Seamless DA Cylinders

Exports :

Products :

Industrial Gas Cylinders

Countries :

Ø Sri Lanka

Ø Muscat

Imports :

Products :

Raw Material

Countries :

Ø Canada

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

125 (Approximately)

Bankers :

· State Bank of India, Gwalior Branch

· IDBI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Short term borrowing
IDBI O/d, Gwalior (Secured by pledge of FDR’s)	0.002	0.995
Total	0.002	0.995

Banking Relations :	---
Auditors :
Name :	Geeta Dhingra and Associates Chartered Accountants
Address :	104, Pan-in-Plaza, Shinde Ki Chhawani, Lashkar, Gwalior – 474002, Madhya Pradesh, India
Tel. No.:	91-751-2430137/ 2632967
Fax No.:	91-751-2632967
E-Mail :	ananya97in@yahoo.com ananya97in@rediffmail.com
PAN No:	AAEFG3882G

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs. 100/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70903	Equity Shares	Rs. 100/- each	Rs. 7.090 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.090	7.090	6.631
(b) Reserves & Surplus	92.574	85.015	67.831
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1.000	0.000	2.010
Total Shareholders’ Funds (1) + (2)	100.664	92.105	76.472
(3) Non-Current Liabilities
(a) long-term borrowings	7.146	4.041	0.721
(b) Deferred tax liabilities (Net)	0.412	0.531	0.604
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	7.558	4.572	1.325
(4) Current Liabilities
(a) Short term borrowings	0.002	0.995	5.601
(b) Trade payables	3.493	9.801	6.061
(c) Other current liabilities	2.243	7.694	4.111
(d) Short-term provisions	3.858	5.794	5.451
Total Current Liabilities (4)	9.596	24.284	21.224
TOTAL	117.818	120.961	99.021
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.129	10.333	9.561
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.620	5.620	0.204
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.392	2.464	0.615
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	14.141	18.417	10.380
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.766	18.559	9.827
(c) Trade receivables	7.007	15.199	9.285
(d) Cash and cash equivalents	67.278	62.340	58.394
(e) Short-term loans and advances	7.626	6.446	11.135
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	103.677	102.544	88.641
TOTAL	117.818	120.961	99.021

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	98.827	123.266	95.286
	Other Income	5.854	4.974	4.055
	TOTAL	104.681	128.240	99.341
Less	EXPENSES
	Cost of Materials Consumed	68.305	82.918	59.376
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5.364)	(1.518)	(0.297)
	Employees benefits expense	6.246	6.440	3.672
	Other expenses	21.728	21.075	21.223
	Exceptional Items	0.000	0.000	0.113
	TOTAL	90.915	108.915	84.087
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	13.766	19.325	15.254
Less	FINANCIAL EXPENSES	0.603	0.447	0.158
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	13.163	18.878	15.095
Less/ Add	DEPRECIATION/ AMORTISATION	1.656	1.485	1.205
	PROFIT/ (LOSS) BEFORE TAX	11.507	17.393	13.890
Less	TAX	3.947	5.721	4.685
	PROFIT/ (LOSS) AFTER TAX	7.560	11.672	9.205
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	64.638	52.966	43.761
	BALANCE CARRIED TO THE B/S	72.198	64.638	52.966
	Earnings / (Loss) Per Share (Rs.)	106.62	164.62	138.82

Particulars	31.03.2014
Sales Turnover (Approximately)	140.000

The above information has been parted by Mr. Brajesh

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.22	9.09	9.27
Net Profit Margin (PBT/Sales)	(%)	11.64	14.11	14.58
Return on Total Assets (PBT/Total Assets}	(%)	9.82	15.08	14.06
Return on Investment (ROI) (PBT/Networth)		0.11	0.19	0.18
Debt Equity Ratio (Total Debt /Networth)		0.07	0.05	0.08
Current Ratio (Current Asset/Current Liability)		10.80	4.22	4.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	6.631	7.090	7.090
Reserves & Surplus	67.831	85.015	92.574
Share Application money pending allotment	2.010	0.000	1.000
Net worth	76.472	92.105	100.664
long-term borrowings	0.721	4.041	7.146
Short term borrowings	5.601	0.995	0.002
Total borrowings	6.322	5.036	7.148
Debt/Equity ratio	0.083	0.055	0.071

YEAR-ON-YEAR GROWTH

	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	95.286	123.266	98.827
		29.364	(19.826)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	95.286	123.266	98.827
Profit After Tax	9.205	11.672	7.560
	9.66%	9.47%	7.65%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	---
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	---
22]	Litigations that the firm / promoter involved in	---
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	---
26]	Buyer visit details	---
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowing
Loans from directors and relatives	7.146	4.041
Total	7.146	4.041

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90207495	04/07/1994	169,000.00	STATE BANK OF INDIA	INDUSTRIAL ESTATE BRANCH, GWALIOR, MADHYA PRADESH,  INDIA	-
2	90207121	31/03/1993 *	4,450,000.00	STATE BANK OF INDIA	INDUSTRIAL ESTATE BRANCH, TANSEN ROAD, GWALIOR, M  ADHYA PRADESH, INDIA	-

* DATE OF CHARGE MODIFICATION

FIXED ASSETS:

· Land

· Factory Building

· Other Building

· Plant and Machinery

· Furniture and Fixture

· Electric Installation

· Office Equipments

· Computer

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.